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Išbandyti
2013 04 03

Lithuania’s Small Planet Airlines might have been sold for symbolic price, analysts think

The liabilities of Small Planet Airlines, Lithuania’s leading charter carrier that has been sold to a team of its executives, exceed its assets, making some analysts believe that Avia Solutions Group might have sold it for a symbolic price.
Small Planet Airlines
Small Planet Airlines / Organizatorių archyvo nuotr.

The executives of Avia Solutions Group and Small Planet Airlines would not disclose the value of the deal.

“Avia Solutions Group states in its 2012 report that the assets of the activities put on sale total 36 million litas, and their liabilities amount to 51 million litas. These figures almost match a statement by Avia Solutions Group that positive effects on consolidated accounts would reach around 15.8 million litas. It is possible that the company has been sold for a symbolic price,” an analyst told BNS on condition of anonymity.

Vytautas Kaikaris, CEO of Small Planet Airlines who has increased his shareholding in the company to 70 percent as a result of the deal, would not disclose its value.

Avia Solutions Group indicated in its 2012 report that the assets of the activities put on sales and discontinued activities totaled 36.271 million litas at the end of 2012 and the liabilities amounted to 51.774 million litas, which translates into a gap of 15.5 million litas.

The company reported to the Warsaw Stock Exchange that the effects of the sale on first-quarter performance would be a positive 15.8 million litas on a consolidated level and a negative of 1.3 million litas on a non-consolidated level.

Avia Solutions Group, which is listed on the Warsaw Stock Exchange, sold the shares in the subsidiary on March 29. Kaikaris, Small Planet Airlines CEO, purchased 65.5 percent of shares, and Andrius Staniulis, the quality manager of the charter carrier and a member of the management board at its Polish subsidiary, bought 30 percent.

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